Shocking!!!
China’s economy is slowing down, and GDP fell to 4.7% for the second quarter, as revealed by the ruling communist party in China during a key meeting under President Xi Jinping to revive the world’s second-largest economy. Once every five years, China’s ruling communist party organises the ‘Third Plenum’ – a four-day meeting attended by 376 members and alternate members of the Communist Party of China (CPC) Central Committee. Here, the government discusses key changes with the demographic crisis, stagnant growth, and government debts.
Government authorities focused the meeting on the long-term agenda and key issues like China’s modernisation. This closed-door meeting was held to frame the long-term economic and social reforms that will lead China over the next five years.
“By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent,” Beijing’s National Bureau of Statistics (NBS) said in a statement.
The third plenum has turned the table and demonstrated the party’s top leadership by laying major economic shifts. In the discussion, members have outlined both internal and external factors that set a vision for long-term economic goals. Xi is planning for main reforms that hint at the overall sector-wise growth and financial upgrade to uplift debt and liquidation. The government will take on updates for short-term policy adjustments to monitor the direction of growth and development.
